04) What is the main criterion used by the World Bank in classi ying different countries?
05) Why is the total income ofCountries not used to make comparisons between them ?
06) Why is sustainable development essential? Give one reas on.
07) Why is per capita income of different countries calculated in dollars and not in their own currencies by the world bank
Answers
Explanation:
ans1:The main criterion used by the World Bank in classifying different countries is the per capita income or average income of a person in a country.
ans2:The total income of countries is not used to make an economic comparison between them because the population of each country varies and it does not give an idea what an average citizen is earning as the occupation is also different.
ans3:Sustainable development is important for economic growth because: (i) Environment must be conserved while development is taking place. (ii) Resources must be used in such a way that something is conserved for future generations. (iii) The standard of living of all people must be raised
ans4:Per capita income of different countries is calculated in dollars and not in their own currencies because the dollar has been the strongest and stablest currency since the end of the 2nd World War and it becomes easy to compare the per capita incomes of various countries when these are converted into a common currency, i.e., US dollar ($).
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